Canon Law

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covenant [2017/07/14 15:04]
amycsj created
covenant [2020/04/19 13:42] (current)
amycsj
Line 35: Line 35:
   * Eliminate unneeded personnel   * Eliminate unneeded personnel
 ===== Real Estate: ===== ===== Real Estate: =====
-After Congregation have been placed in appropriate housing situations, work with local realtors to sell this property to maximize its value.  +After Congregation have been placed in appropriate ​ ​*  ​housing situations, work with local realtors to sell this property to maximize its value.  
-During the transition oversee the maintenance of this facility to ensure snow removal, grass cutting, security, etc.  +  ​* ​During the transition oversee the maintenance of this facility to ensure snow removal, grass cutting, security, etc.  
-When Congregation are in other appropriate housing situations, work with local realtors to sell this property to maximize its value.  +  ​* ​When Congregation are in other appropriate housing situations, work with local realtors to sell this property to maximize its value.  
-During the transition oversee the maintenance of this house to ensure snow removal, grass cutting, security, etc.  +  ​* ​During the transition oversee the maintenance of this house to ensure snow removal, grass cutting, security, etc.  
-Finance: +===== Finance ​===== 
-Oversee all cash receipts and disbursements.  + 
-Oversee monthly bank and account reconciliations.  +  ​* ​Oversee all cash receipts and disbursements.  
-Ensure preparation of a timely budget which is in a format consistent with the audited financial statements and the monthly financial statements.  +  ​* ​Oversee monthly bank and account reconciliations.  
-Oversee the preparation of timely monthly financial statements in a format consistent with the audited financial statements.  +  ​* ​Ensure preparation of a timely budget which is in a format consistent with the audited financial statements and the monthly financial statements.  
-Simplify the accounting and reporting processes.  +  ​* ​Oversee the preparation of timely monthly financial statements in a format consistent with the audited financial statements.  
-Develop investment management guidelines and instructions.  +  ​* ​Simplify the accounting and reporting processes.  
-Ensure all revenues due Congregation are received.  +  ​* ​Develop investment management guidelines and instructions.  
-Work to reduce expenses.  +  ​* ​Ensure all revenues due Congregation are received.  
-Ensure adequate insurance is in place.  +  ​* ​Work to reduce expenses.  
-Ensure a timely, cost effective audit of the Corporation.  +  ​* ​Ensure adequate insurance is in place.  
-Oversee the administration of Patrimony.  +  ​* ​Ensure a timely, cost effective audit of the Corporation.  
-Management issues to be addressed:  +  ​* ​Oversee the administration of Patrimony.  
-Provide administrative support and advice to Congregation during the transition.  +  ​* ​Management issues to be addressed:  
-Provide a monthly report to the Major Superior of Congregation to include a report on the activity on the above matters and a financial report.  +  ​* ​Provide administrative support and advice to Congregation during the transition.  
-Provide other administrative services as needed.  +  ​* ​Provide a monthly report to the Major Superior of Congregation to include a report on the activity on the above matters and a financial report.  
-Legal: +  ​* ​Provide other administrative services as needed.  
-Maintain current nonprofit registration with the State of ___________.  +===== Legal: ​===== 
-Work with legal counsel (firm to be determined) to update (state) Corporation Articles of Incorporation and Bylaws with a view to ultimate dissolution.  +  ​* ​Maintain current nonprofit registration with the State of ___________.  
-Maintain corporate officers for banking, investment, insurance, real estate, and other legal issues.  +  ​* ​Work with legal counsel (firm to be determined) to update (state) Corporation Articles of Incorporation and Bylaws with a view to ultimate dissolution.  
-Maintain 501(c)(3) status.  +  ​* ​Maintain corporate officers for banking, investment, insurance, real estate, and other legal issues.  
-Respond to other legal issues as needed.  +  ​* ​Maintain 501(c)(3) status.  
-Fees  +  ​* ​Respond to other legal issues as needed.  
-In recognition that the first few years of this relationship responsibility will require significantly more time on behalf of Congregation than later years, and to align the interest of both parties to safeguard and enhance the net assets of Congregation the following fees will be paid by Congregation to Commissary:  +===== Fees ===== 
-1. First three years of agreement – percent ( % ) of net asset value at the end of the prior fiscal year,  +  
-2. Future years – one half of (%) percent ( % ) of the net asset value at the end of the prior fiscal year.  +  * In recognition that the first few years of this relationship responsibility will require significantly more time on behalf of Congregation than later years, and to align the interest of both parties to safeguard and enhance the net assets of Congregation the following fees will be paid by Congregation to Commissary:  
-Fees will be paid monthly.  +    ​* ​1. First three years of agreement – percent ( % ) of net asset value at the end of the prior fiscal year,  
-Termination  +    ​* ​2. Future years – one half of (%) percent ( % ) of the net asset value at the end of the prior fiscal year.  
-Both parties have the right to terminate the agreement at any time for any reason upon giving the other party six months written notice.  +  ​* ​Fees will be paid monthly.  
-Indemnification  +===== Termination ​===== 
-Both parties will agree to perform to the best of their ability and both agree that neither party will make any claim against the other party excepting those which violate a USA or (State) law. +  
 +  * Both parties have the right to terminate the agreement at any time for any reason upon giving the other party six months written notice.  
 +  ​* ​Indemnification  
 +  ​* ​Both parties will agree to perform to the best of their ability and both agree that neither party will make any claim against the other party excepting those which violate a USA or (State) law.  
 +[[bookclub]]
covenant.1500069878.txt.gz · Last modified: 2017/07/14 15:04 by amycsj